Financial Daily from THE HINDU group of publications
Wednesday, Sep 21, 2005
Financial Daily from THE HINDU group of publications Wednesday, Sep 21, 2005 |
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Money & Banking
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Forex Rupee moves up; gilts lacklustre Our Bureau
MUMBAI: The rupee strengthened against the dollar on Tuesday as it tracked the upswing on the stock market. The domestic currency opened at 43.90/91 and slipped to 43.92/9250 as the dollar strengthened against other currencies in the overnight market. Dealers said that the price of global crude which saw levels beyond $67 also prompted oil companies to start buying dollars. However, the 55 point rise in the Sensex and Foreign Institutional Investor inflows caused the rupee to appreciate. It closed the day at 43.87/8750, up from Monday's 43.90/91. In the forward premia market, the 6-month closed at 0.71 per cent (0.50) and the 12-month at 0.69 per cent (0.40). The bond market continued to be lacklustre for the second day in a row, with no major activity, said dealers. Bond prices opened 2-3 paise higher, but trading during the day was dull in the absence of any trigger. Towards the close, prices went up 4-5 paise as oil came off its highs. The 10.25 16 year-2021 paper opened at Rs 126.50 (7.37 per cent YTM) and closed at Rs 126.54 (7.37 per cent YTM) against Monday's level of close at Rs 126.53 (7.36 per cent). The 7.37 per cent 9 year-2014 paper opened at Rs 102.68 (6.95 per cent YTM) and ended at Rs 102.74 (6.93 per cent YTM), higher than the earlier level of Rs 102.71 (6.93 per cent YTM). The 7.38-10 year-2015 paper was dealt at Rs 102.68 (7 per cent YTM) against the previous level of Rs 102.7 (6.99 per cent). Call rates opened at 5.10 per cent and closed at 5-5.05 per cent (5.10-5 per cent). In the one-day reverse repo auction, RBI received and accepted 34 bids amounting to Rs 17,810 crore. In the CBLO market, there were 209 trades for Rs 8,278.25 crore in the rate range of 4.97-5.15 per cent.
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